Erasca (NASDAQ:ERAS) Sees Strong Trading Volume – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS) shares saw unusually-strong trading volume on Friday . Approximately 2,478,086 shares traded hands during mid-day trading, an increase of 79% from the previous session’s volume of 1,387,564 shares.The stock last traded at $2.51 and had previously closed at $2.13.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Bank of America reiterated an “underperform” rating and set a $1.00 target price (down from $4.00) on shares of Erasca in a report on Wednesday, September 3rd. Morgan Stanley reiterated an “equal weight” rating and set a $2.00 price objective (down previously from $4.00) on shares of Erasca in a research note on Monday, August 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Erasca in a research note on Saturday, September 27th. Finally, Wall Street Zen raised shares of Erasca from a “sell” rating to a “hold” rating in a research note on Sunday, September 21st. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $3.71.

Erasca Stock Up 13.6%

The firm’s 50 day moving average is $1.66 and its two-hundred day moving average is $1.47. The stock has a market cap of $686.48 million, a price-to-earnings ratio of -5.38 and a beta of 1.18.

Erasca (NASDAQ:ERAS) last posted its earnings results on Tuesday, August 12th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12). On average, analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Erasca

Several hedge funds and other institutional investors have recently modified their holdings of the company. Mackenzie Financial Corp bought a new position in shares of Erasca during the fourth quarter worth about $28,000. BNP Paribas Financial Markets boosted its stake in Erasca by 58.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock valued at $27,000 after purchasing an additional 7,923 shares during the period. EP Wealth Advisors LLC bought a new position in Erasca in the 2nd quarter worth about $29,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Erasca in the first quarter valued at approximately $39,000. Finally, Dynamic Technology Lab Private Ltd raised its holdings in shares of Erasca by 180.8% during the second quarter. Dynamic Technology Lab Private Ltd now owns 29,177 shares of the company’s stock valued at $37,000 after buying an additional 18,788 shares during the last quarter. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Company Profile

Erasca, Inc, a clinical-stage precision oncology company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company’s lead product is naporafenib which is in phase 1b trial for patients with RAS Q16X solid tumors and plans to initiate a pivotal Phase 3 trial for patients with NRASm melanoma.